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Claiming Dependents Tax Exemption

Taking Dependents on Your 1040

When it comes to claiming dependents on your income tax return, the IRS requires that you satisfy the qualifying child or qualifying relative requirements for each one you claim. Generally, any child you claim as a dependent must live with you for more than half the tax year, not provide more than half of their own financial support and be under the age of 19, or under 24 if a full-time student at the end of the tax year. And in some cases, a child cannot be your dependent if they file a joint return. The rules for claiming qualifying relative dependents are bit more restrictive. If the dependent is a relative, then in most cases they don’t have to live with you. But for any other person who is not a qualifying child or a relative, they must live with you for the entire tax year. In addition, all qualifying relatives cannot receive gross income that’s equal to or greater than the exemption amount during the year and you must provide more than half of their support. When evaluating the relative’s gross income, you should not include any income that is tax-exempt such as municipal bond interest, and in most cases, their Social Security income. Only include the income that the relative would have an obligation to report on a tax return.

Tax Benefit of Claiming Dependents on Taxes

There is certainly a tax benefit to claiming dependents on your taxes. The main reason for doing so is that you can claim a dependent exemption for each of them. These exemptions work the same way as a tax deduction in that they reduce the amount of your income subject to federal income tax. The amount of the exemption is determined by the IRS each tax year, and generally increases slightly due to inflation. Additionally, claiming dependents on your tax return can also make you eligible to take certain tax credits, such as the child and dependent care credit.

IRS Forms to Claim Dependents

The IRS limits your tax form options when you claim dependents. For most taxpayers who are either residents or citizens of the U.S., you can choose between the 1040EZ, 1040A or the full-length Form 1040. If your tax situation is relatively simple, you might qualify to fill out the shorter 1040EZ. However, if you claim dependents, you cannot take the exemptions on a 1040EZ. Rather, you must file your federal income tax return on a Form 1040A or 1040.

Reference: IRS Publication 501-Exemptions, Standard Deduction and Filing Information